From the Morningstar News:
President Obama's economic hour-long speech at Knox College in Galesburg, Ill., on Wednesday was scary, not just for its statements, but for what some characterize as disregard of the rule of law. … Not only did Obama threaten to disregard the law, he didn't always have his facts straight. …Raising the minimum wage will get people out of poverty and help the middle class. The minimum wage disproportionately affects teens and low-skill workers, many of whom qualify only for entry-level slots. University of California, Irvine economists David Neumark and J.M. Ian Salas, together with Federal Reserve Board economist William Wascher, wrote in a January paper, "minimum wages pose a tradeoff of higher wages for some against job losses for others." Forbidding employment of those whose skills aren't worth $9.00 an hour , as the president has proposed, prevents low-skilled workers getting their foot on the bottom of the career ladder.

For the full story, please visit http://news.morningstar.com/all/market-watch/TDJNMW2013072658/10-misstep....